The system in package market is expected to grow from USD 5.79 Billion in 2017 to USD 9.07 Billion by 2023, at a CAGR of 9.4% between 2017 and 2023. The growth of this market is propelled by the growing demand for miniaturization of electronic devices, impact of Internet of Things (IoT), and reduced time-to-market, and developments in the system in package ecosystem through organic and inorganic growth strategies such as product launches and developments, mergers and acquisitions, expansions, agreements, collaborations, joint ventures, and partnerships.

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According to the new market research report "System in Package Market by Packaging Technology (2D IC, 2.5D IC, 3D IC), Package Type (BGA, SOP), Packaging Method (Flip Chip, Wire Bond), Device (RF Front-End, RF Amplifier), Application (Consumer Electronics, Communications) - Global Forecast to 2023", the system in package market is expected to grow from USD 5.79 Billion in 2017 to USD 9.07 Billion by 2023, at a CAGR of 9.4%. The factors that are driving the growth of this market are the growing demand for miniaturization of electronics devices, the impact of Internet of Things (IoT), and reduced time-to-market.

“System in package market for 3D IC expected to grow at the highest rate during the forecast period”

The market for 3D IC is expected to grow at the highest CAGR between 2017 and 2023.

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The growth of this market is mainly driven by the increasing need for advanced architecture in electronics products, growing need for miniaturized electronic devices, and growing use of tablets, smartphones, and gaming devices.

“System in package market for FOWLP expected to grow at the highest rate during the forecast period”

The market for FOWLP is expected to grow at the highest CAGR between 2017 and 2023. This growth is mainly attributed to the rising demand for semiconductor ICs for IoT application that allows devices to assemble data using sensors and actuators and transmit data to a centralized location on a real-time basis.

“The consumer electronics application expected to lead the system in package market between 2017 and 2023”

Among various applications, the consumer electronics application expected to account the largest size of the overall system in package market between 2017 and 2023. Consumer electronics products, such as mobile phones, tablets, netbook PCs, digital video cameras, navigation devices, and gaming controllers, are adopting the advanced architecture.

Moreover, these products address features that increase the demand for miniaturized electronic devices with improved performance in consumer electronics. With all this development in the consumer electronics application, the demand for system in package would also rise.

“APAC expected to lead the system in package market between 2017 and 2023”

APAC is expected to hold the largest size of the system in package market during the forecast period. The major factors driving the market in APAC are the presence of major semiconductor foundries and outsourced semiconductor assembly and test (OSAT) players including TSMC (Taiwan), UMC (Taiwan), ASE Group (Taiwan), SPIL (Taiwan), and JCET (China), proximity to major downstream electronics manufacturing operations, government-sponsored infrastructure support, tax incentives, and availability of skilled engineers and labor at a relatively low cost.